Grayscale Raises Concerns Over Approval of Bitcoin Futures ETF
Excitement is growing in the cryptocurrency and financial industries as the first Bitcoin futures ETF, 2X Volatility Shares, gains approval for trading. However, Grayscale, another contender in the space, has mixed emotions about this development. Donald Verilli, Grayscale’s legal representative, believes that the approval contradicts the SEC’s earlier stance against funds interacting with spot markets. Grayscale has been involved in a lawsuit with the SEC for almost a year, alleging unfair practices in the approval process. The company argues that futures prices are inherently dependent on spot markets and questions the SEC’s inconsistent approval approach. Despite this, the approval of the Volatility Shares ETF could potentially pave the way for other spot market ETFs.
Main Points:
- The first Bitcoin futures ETF, 2X Volatility Shares, has been granted approval for trading.
- Grayscale, another contender, has mixed emotions about the approval, believing it contradicts the SEC’s earlier stance against funds interacting with spot markets.
- Grayscale has been involved in a lawsuit with the SEC for almost a year, alleging unfair practices in the approval process.
- Grayscale argues that futures prices are dependent on spot markets and questions the SEC’s inconsistent approval approach.
- The approval of the Volatility Shares ETF could potentially pave the way for other spot market ETFs.
Hot Take:
The approval of the Bitcoin futures ETF has sparked controversy and raised concerns about the SEC’s inconsistent regulatory attitude. Grayscale, a company involved in a lawsuit with the SEC, believes that the approval contradicts the SEC’s earlier stance and exposes investors to higher risk. While the approval of the Volatility Shares ETF may open doors for other spot market ETFs, it highlights the need for clearer and more consistent regulations in the cryptocurrency industry.
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